Social Security has recently announced the 2015 Cost of Living Adjustment (COLA) and once again Social Security recipients are going to receive a rate increase of 1.7% starting next year.
According to Social Security’s website, the average monthly benefit of an individual receiving disability will go up by about $19. This will also raise the limit on the maximum a person can make without the earnings affecting their disability benefits. In 2015, Social Security will define Substantial Gainful Activity (SGA) as monthly earnings at or over $1,090, a $20 increase from 2014.
The Supplemental Security Income (SSI) rate will also see an increase from $721/month this year to $733/month, although the resource limits will remain at $2,000 for an individual or $3,000 for a married couple.
For those of you who are curious I will tell you that the resource limit has been set at this level since January 1, 1989. Considering how the value of what Social Security counts as a resource has changed over the last almost 26 years, I think that it is significant that this factor has not been adjusted in so long. Keeping the resource level this low hurts disabled individuals who would otherwise qualify for benefits.
If you have any questions about how the Social Security rate increases will affect your situation, or you need help applying for benefits, please contact us.